July 27, 2020 (MLN): HinoPak Motors has announced the financial results for the year ended March 31, 2020, as per which, the company has incurred losses of Rs. 2.05 billion (LPS: Rs. 166.71), which is almost 135% higher than the losses incurred in the same period of last year.
Going by the official document submitted by the company, the revenue declined by almost 31%, which caused the gross profits to fall by a whopping 115%. While the company somewhat benefitted from decline in major expense heads and absence of non-core expenses, the decline in non-core income by almost 44% negated any possibility of positive earnings and ultimately resulted in operating losses for the period.
The finance cost showed almost no change, whereas income tax expense fell by almost 40%, providing some respite to the company’s financial position. In addition to this, the company also witnessed a fall in impairment costs by 24%.
Besides the announcement of financial results, the Board of Directors of the company also approved the increase in Authorized Share Capital of HinoPak from Rs. 200 million (20 million shares @ Rs. 10) to Rs. 1 billion (100 million shares @ Rs. 10).
Financial Results for the year ended March 31, 2020 (Rupees'000) | |||
|---|---|---|---|
Mar-20 | Mar-19 | % Change | |
Revenue from contracts with customers | 13,191,060 | 19,130,839 | -31% |
Cost of sales | (13,361,471) | (18,017,525) | -26% |
Gross (loss) / profit | (170,411) | 1,113,314 | -115% |
Distribution costs | (351,114) | (359,595) | -2% |
Administration expenses | (355,666) | (378,831) | -6% |
Other income | 82,889 | 147,640 | -44% |
Other expenses | – | (1,372) | |
Impairment loss on trade debts and deposits | (14,917) | (19,533) | -24% |
(Loss) / profit from operations | (809,219) | 501,623 | -261% |
Finance cost | (1,034,779) | (1,021,797) | 1% |
Loss before income tax | (1,843,998) | (520,174) | 254% |
Income tax expense | (210,978) | (353,123) | -40% |
Loss after income tax | (2,054,976) | (873,297) | 135% |
Loss per share | -166.71 | -70.42 | 137% |
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